Bloomberg reports that Harris promised support for crypto at a NYC fundraiser are disappointing. Changes in securities law to benefit the digital asset industry will unnecessarily undermine consumer safety.
FOR IMMEDIATE RELEASE
Contact: Henry Burke, [email protected]
In response to reports that Vice President Harris said “We will encourage innovative technologies like AI and digital assets, while protecting our consumers and investors” at a New York City fundraiser on Sunday, Revolving Door Project Executive Director Jeff Hauser released the following statement:
“The cryptocurrency industry has doggedly pursued its mission to flout long standing securities laws and robust SEC oversight. Weak regulation is crucial to the industry’s continued business strategy of serving as a conduit for money laundering, assisting ransomware rings, terrorist organizations, and those importing fentanyl.”
“The industry has defiantly moved past the stench of Sam Bankman-Fried’s fraud-backed influence campaign to flood key congressional races with cash in a transparent attempt to strongarm Democrats into acquiescing to their demands. Acceding would not only set the dangerous precedent that motivated industries can purchase the regulatory framework that best suits their interest, but also open Americans to fraud, increased ransomware, and other illicit behavior pervasive across the cryptocurrency industry.”
“Harris’ promise to balance the industry’s interests with those of consumers is an obvious contradiction. Crypto is a haven for business people with nefarious or criminal intent. The rampant fraud and criminal behavior in the very young industry – not just from FTX, but from Binance, OneCoin, Digital Currency Group and countless others – is unprecedented in recent American history. The idea that crypto insiders would have any sway in policy making will just further put Americans in harm’s way, once again disproportionately harming the poor and communities of color.”
“Studies have shown that cryptocurrency has been crucial to enabling organized crime to explode online, with more Americans falling prey to crypto scams than ever this year. Cryptocurrency has been crucial in enabling the ransomware attacks that have held schools, hospitals and local governments hostage. Cryptocurrency has also been used by terrorist groups, to finance the modern slave trade, to facilitate the fentanyl trade, and to evade US sanctions.”
“Vice President Harris should be wary of making promises that clearly endanger American interests abroad and the safety of Americans at home. Bending to the whims of the industry is a losing position that would end in disaster for everyday Americans.”
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